Goldman Sachs (GS) said Friday it has signed an agreement to sell part of its stake in struggling electronics maker Sanyo Electric Co. Ltd. (6764.TO) to Panasonic Corp. (6752.TO).

In a statement, the U.S. bank said its Oceans Holdings Co. Ltd. investment vehicle agreed to tender shares equivalent to 15.7% of Sanyo to Panasonic at Y131 per share, the price agreed to late last year after lengthy wrangling between Panasonic and Sanyo shareholders, for a total of Y126.7 billion. Goldman had been widely expected to sell its entire holding in Sanyo but will now retain a stake equal to 13.3% of Sanyo common shares.

Daiwa Securities SMBC Principal Investments Co. already agreed to tender shares equivalent to 25% of Sanyo to Panasonic, while Sumitomo Mitsui Banking Corp. agreed to tender shares equivalent to 9.3% of Sanyo to Panasonic.

A Panasonic spokesman said that by purchasing the additional shares from Goldman, it would allow the company to take its stake in Sanyo to more than 50%.

Sanyo's stock has risen strongly since Goldman first agreed to the offer. At the close in Tokyo Friday, the shares were worth Y246 apiece, valuing Goldman's remaining holding at Y201.4 billion.

In its statement, the bank said, "at its discretion, Oceans may dispose of any or all of its shares depending on its ongoing evaluation of its investment in Sanyo," subject to factors including prevailing market conditions and investment considerations.

Osaka-based electronics giant Panasonic is eager to take over Sanyo's battery operations. Sanyo is the world's biggest maker of rechargeable batteries, a growing market now that automakers are accelerating their rollout of hybrid or electric cars.

Late last month, Panasonic said it was still awaiting approval from antitrust regulators in four countries on its tender offer to acquire Sanyo and will report on the progress of the deal by late October. Osamu Hirose, an analyst at Tokai Tokyo Research Center Co., said taking an additional 15.7% stake from Goldman is enough for Panasonic because Panasonic needs to save money.

-By Kenneth Maxwell and Yuzo Yamaguchi, Dow Jones Newswires; 813-6895 7564; kenneth.maxwell@dowjones.com